Shares of Smithfield Foods’ United States stock listing began trading on the Nasdaq Global Select Market on Jan. 28, opening at a price of $20 per share under the ticker symbol “SFD.”

The price fluctuated from $21 per share as of 12:30 p.m. to $20.40 per share by 1 p.m. according to the Wall Street Journal.

According to a news release, the world’s largest pork producer made an underwritten initial public offering of 26 million shares of its common stock valued at just over $520 million collectively.

It’s a drop from the expected 34.8 million shares at $23 to $27 price per share the company had announced in a news release a week earlier. The offering was expected to close on Jan. 29.

“We generated a lot of demand but we’re focused on finding the right group of investors to partner with. We, therefore, made some decisions on deal structure to maximize that outcome and are happy with the end result,” Smithfield Foods Vice President of Corporate Affairs Jim Monroe said of the lower-than-expected number of available shares and starting price. “We have tremendous confidence in this business and our ability to perform over time, and we are thrilled with our return to the U.S. stock market.”

The news release states the offering consists of 13  million shares sold by the company itself and another 13 million shares sold by “the company’s existing shareholder identified in the registration statement.”

Smithfield Foods’ U.S. Securities and Exchange Commission registration statement, which the company filed on Jan. 6, identifies the selling shareholder as SFDS UK Holdings Limited, an indirect wholly owned subsidiary of the company’s Hong Kong-based parent company, WH Group.

Morgan Stanley, Bank of America Securities and Goldman Sachs & Co. acted as joint lead book-running managers for the offering, the news release states. The release also names Barclays and Citigroup, BNP PARIBAS, HSBC, Rabo Securities and BTIG as book-running managers.

According to the book “IPOs and Equity Offerings” by Ross Geddes, book-runners are banks that control allocation of shares to investors. According to Investopedia, a financial literacy website, book-runners assess a company’s financials and current market conditions to arrive at the initial value and quantity of shares to be sold.

Smithfield Foods said in its news release that underwriters of the offering will be granted a 30-day option to purchase from the selling shareholder up to 3.9 million additional shares – down from an expected 5.2 million a week earlier – of common stock at the initial offering price, less underwriting discounts and commissions. The company will not receive any proceeds from the sale of shares by the selling shareholder.

The company’s SEC filing came a month after WH Group shareholders, on Dec. 6, overwhelmingly approved plans to take Smithfield Foods public in the United States for the first time in more than a decade of Chinese ownership. WH Group, then known as Shuanghui International Holdings Ltd., acquired the company in 2013 for nearly $5 billion.

WH Group, in a July proposal to the Hong Kong Stock Exchange, proposed spinning off Smithfield’s United States and Mexico operations as a public listing dubbed “Smithfield U.S. and Mexico” that would be traded on either the New York Stock Exchange or Nasdaq in the United States.

Editor’s note: This story was updated at 4:15 p.m. on Jan. 28 with comments by Smithfield Foods Vice President of Corporate Affairs Jim Monroe.